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Two companies of the SREI group — India Power Corporation Ltd and DPSC Ltd — are likely to be merged into one entity this year.
India Power Corporation Ltd (IPCL) is a Rs 60-crore company that has 100 MW of wind power generation capacity, in Karnataka, Gujarat and Rajasthan. The company has under construction a 450 MW thermal power project in Haldia.
DPSC Ltd is a 90-year-old electricity distribution company that was taken over by IPCL three years ago. The Rs 600-crore company distributes power in a 629 sq km area near Asansol, West Bengal and operates a 12 MW thermal power plant. DPSC got listed on the MCX-SX earlier this month.
Asked if the two companies would merge, A.K. Goswami, President-New Initiatives, DPSC-IPCL, said they would, this year.
Goswami said that DPSC wanted a bigger play in the electricity distribution area.
He said that for starters, the company would operate as a franchisee for a licensed distribution company. DPSC has applied for franchise from the distribution companies of Dhanbhad and Gaya in Bihar. Later, DPSC would itself apply for distribution licence.
IPCL-DPSC has several large-size thermal power projects on the plan — adding to over 4,000 MW — but they are all stuck for want of coal linkage. Only the 3x150 MW Haldia project is underway.
Meanwhile, IPCL intends to put up another 100 MW of wind power capacity in the current financial year, Goswami said. He said the company was “exploring different options” including purchase of existing wind farms.
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